The price of Premium Motor Spirit, often known as fuel, will keep rising, according to the Independent Petroleum Marketers Association of Nigeria, as long as the US Dollar appreciated on the currency exchange market.
The National President of IPMAN, Chinedu Okoronkwo, revealed this to iGONG exclusively in response to rumors of additional fuel price increases.
The head of IPMAN stated that if the dollar continues to rise in the foreign market, petrol prices will continue to surge.
"Nigerians should understand that with the removal of fuel subsidies, the government is no longer determining pump prices, but rather the forces of the market," he stated. Currency used for purchase is dollars. Currently, the dollar is trading at about 890 to the dollar. The price of fuel at the pump will increase as the dollar strengthens.
He encouraged the government to increase efforts to make Compressed Natural Gas accessible to Nigerians as a remedy.
He said, "Government should make deliberate efforts to make CNG available to Nigerians."
The official market exchange rate for the naira on Wednesday was N782.38/$1. This represents a further decline in value. However, the dollar is charmed at 910 to 1 on the black market.
As a result, it is anticipated that the product's pump price will reach N617 per litre.
Three weeks ago, according to iGONG, fuel marketers raised the price at the pump from N539 per litre to almost N600 per litre.
He said, "Government should make deliberate efforts to make CNG available to Nigerians."
The official market exchange rate for the naira on Wednesday was N782.38/$1. This represents a further decline in value. However, the dollar is charmed at 910 to 1 on the black market.
As a result, it is anticipated that the product's pump price will reach N617 per litre.
Three weeks ago, according to iGONG, fuel marketers raised the price at the pump from N539 per litre to almost N600 per litre.
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